Financial Result

CBL International gross profit down 32.2% on year for 1H 2024

Decline primarily driven by reduction in premium sold to customers; leading to lower gross profit per tonne even though there was an increase in volume sold, says CBL.

Published

2 years ago

September 13, 2024

Admin

CBL International Limited (CBL), the listing vehicle of Banle Group (Banle), a marine fuel logistic company in the Asia-Pacific region, on Thursday (12 September) announced its unaudited financial results for the six months ended 30 June.

CBL said its gross profit for the period was approximately USD 2.72 million, a decrease of 32.2% compared to USD 4.01 million for 1H 2023.

The firm said the decline was primarily driven by the reduction in premium sold to customers and led to lower gross profit per tonne, which was partially offset by an increase in volume sold.

CBL also reported its Consolidated revenue for 1H 2024 increased by 44.4% to approximately USD 277.23 million, compared to USD 191.96 million in the same period in 2023.

“This significant growth was driven by a 39.4% year-over-year increase in sales volume, attributed to the expansion of the Company’s global supply network and higher marine fuel demand due to geopolitical factors,” it said.

The company announced the pricing of its initial public offering on Nasdaq Capital Market on 22 March last year.

“We are pleased with the robust growth in our revenue and sales volume during the first half of 2024, despite the challenging market conditions. Our strategic initiatives, including the expansion of our service network and our focus on sustainable fuel solutions, have positioned us well to navigate these challenges and capitalise on emerging opportunities,” said Teck Lim Chia, Chairman & CEO of Banle Group.

“While the current market environment has pressured our margins, we remain confident in our long-term strategy and our ability to deliver value to our shareholders.”

Other Financial Highlights:

Operating Expenses: Operating expenses rose by 64.0% to approximately USD 4.12 million, up from USD 2.51 million in 1H 2023. This increase was attributed to higher selling and distribution expenses related to our sales growth, strategic expansion in the Company’s supply network to new geographic areas, and the development of our biofuel operations.
Net Income: The company reported a net loss of approximately USD 1.62 million, compared to a net income of USD 1.15 million in 1H 2023. The loss was driven by lower gross margin and higher operating costs.
Cash Flow: Net cash provided by operating activities was approximately USD 2.30 million, a significant improvement from a cash outflow of USD 7.24 million in 1H 2023, reflecting better management of working capital.
Cash position: As of June 30, 2024, Banle’s consolidated cash balance increased by approximately USD 2.29 million, or 30.9%, to USD 9.69 million, compared to USD 7.40 million as of December 31, 2023. This increase was primarily driven by improved working capital management. The Company also reported a significant increase in accounts receivable and accounts payable balances, reflecting the growth in its sales activities.

Operational Highlights:

Global Network Expansion: As of June 30, 2024, Banle expanded its global service network from 36 ports at our IPO in March 2023 to over 60 ports across Asia, Europe and Africa. This strategic expansion has enabled the Company to secure new bunkering business opportunities, particularly in European markets where environmental regulations are increasingly stringent. The opening of the Company’s new office in Ireland in late 2023 has bolstered our market coverage and enhanced local sourcing capabilities. Notably, the Company completed inaugural bunkering services through a local physical supplier in Mauritius in May 2024, further strengthening our market presence.
Biofuel Initiatives: Banle continued its commitment to sustainability by expanding its B24 biofuel operations, obtaining ISCC EU and ISCC Plus certifications in 2023. The Company successfully commenced biofuel bunkering services through local physical suppliers in Hong Kong, China, and Malaysia, positioning itself as a pioneer in sustainable fuel solutions. The B24 biofuel blend, which includes 24% UCOME (used cooking oil methyl ester), offers a 20% reduction in greenhouse gas emissions compared to conventional marine fuels, aligning with global decarbonisation efforts.
Response to Macroeconomic Environment: The global economy has shown signs of moderate growth in 2024, with emerging markets, particularly in Asia, driving this recovery. However, the shipping industry continues to face challenges such as fluctuating freight rates, port congestion, and disruptions in major trade routes due to the ongoing Red Sea Crisis. Banle has proactively adapted to these conditions, coordinating increased fuel supplies in Asian ports to meet heightened demand, ensuring that our customers’ needs are met despite logistical challenges.

Looking ahead, Banle said it remains focused on expanding its market presence, particularly in the biofuel sector, and continuing to enhance its global supply network.

Photo credit: Essow on Pexels
Published: 13 September, 2024

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Financial Result

Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Firm has been supporting clients through a wide portfolio including alternative bunker fuels, allowing it to increase its visibility in the market and contributed to doubling its new fuels volumes over the past year.

Published

7 days ago

July 15, 2026

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Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Global bunker trading company Glander International Bunkering on Tuesday (14 July) announced its financial results for the year ended April 30, 2026 – reporting a turnover of nearly USD 2 billion and earnings before tax (EBT) of USD 23.4 million.

In the previous year, the company reported a turnover of USD 3 billion and EBT of USD 22 million, including a non-recurring item.

The results come after shipping has faced a year of regulatory acceleration, disrupted trade routes and tight avails.

There was a fundamental shift in market conditions, with geopolitical tensions, Red Sea risks and US tariffs. This was later compounded by the conflict in the Middle East conflict, which led to severe restrictions in the Strait of Hormuz and widespread rerouting, longer voyage time and increased freight costs.

CEO Carsten Ladekjær noted: “The real challenge was managing uncertainty, especially when things are changing by the day, sometimes by the hour. What has stood out is how our teams across the world have responded, how they have stayed close to clients and navigated that disruption in real time.”

Fuel EU entered its first full compliance cycle, becoming a direct factor in voyage economics. Then regulatory uncertainty persisted with key decisions at the MEPC in October being delayed.

Appointed Head of New Fuels in February 2026, Dionysis Diamantopoulos has overseen the continued expansion of the company’s new fuels offering during the past critical few months.

He said, “We are supporting clients through a wide and evolving portfolio that includes biofuels and biofuel blends, LNG and bio-LNG, pooling and insetting solutions.”

“This approach has allowed us to increase our visibility in the market and contributed to doubling our new fuels volumes over the past year.”

Glander International Bunkering has continued to develop its approach to well-to-wake bunker management, which is a more integrated model of managing fuel, emissions, price and risk.

Ladekjær explains: “It has undeniably been a volatile year for global shipping, and it has changed our role in bunker trading. Our clients do not only come to us for fuel supply, they come to us to manage cost, compliance, and risk.”

The company said this approach reflects a broader shift in the market, where bunker decisions are no longer standalone transactions. They are directly linked to cost exposure, compliance and operational performance across the full fuel lifecycle.

Photo credit: Glander International Bunkering
Published: 15 July, 2026

Financial Result

KPI OceanConnect pre-tax earnings up 21% for FY2025/2026

Company delivered 13 million mt of marine fuel, increasing revenue to USD 6.2 billion and Earnings Before Tax increased by 21% to USD 10.9 million.

Published

2 weeks ago

July 10, 2026

Admin

KPI OceanConnect appoints Dorthe Bendtsen as interim CEO

Global provider of marine energy solutions KPI OceanConnect on Thursday (9 July) announced its financial results for the year 2025/2026.

The company delivered 13 million metric tonnes (mt) of marine fuel, increasing revenue to USD 6.2 billion and Earnings Before Tax increased by 21% to USD 10.9 million.

“The results reflect a year of strong operational performance, business expansion and continued investment in supporting the maritime industry’s energy transition amid heightened volatility,” it said.

In January this year, the company completed the strategic integration of marine fuel company Baseblue into KPI OceanConnect. The move strengthens the company’s global footprint, aligns regional teams more closely and enhances its ability to deliver consistent service, and greater value to customers worldwide.

“By integrating Baseblue, investing in our people and expanding both our advisory and digital capabilities, we have further enhanced our ability to help customers navigate market volatility, regulatory change and the practical realities of the energy transition. The results for the year reflect the strength of our partnerships, the dedication of our teams and the trust our customers place in us every day,” said Dorthe Bendtsen, CEO of KPI OceanConnect.

In response to geopolitical and regulatory challenges over the past year, including the effective closure of the Strait of Hormuz, KPI OceanConnect continued to invest in the expertise, technology and capabilities required to support customers in developing fuel and compliance strategies aligned with their commercial and operational objectives.

Through its Alternative Fuels & Carbon Markets team, the company expanded support for customers seeking guidance on biofuels, LNG, methanol, carbon compliance and FuelEU Maritime strategies. KPI OceanConnect also saw growing demand for EU Allowance (EUA) trading and FuelEU Pooling solutions, trading more than two million EUAs during the year and helping 250 shipowners and operators identify practical and commercially viable pathways to compliance.

The company continued to leverage the strength of the Bunker Holding Group’s global supply network, which today provides access to biofuel solutions in more than 250 ports worldwide. This extensive infrastructure enables customers to access lower-carbon fuel options where and when they need them, supporting both compliance and commercial objectives while helping prepare for the evolving regulatory landscape.

“The industry is operating in a period where energy, regulatory and geopolitical risks are increasingly interconnected,” said Dorthe Bendtsen.

“Our role is to help customers navigate these complexities by providing market insight, compliance expertise and access to a broad range of fuel and risk management solutions.”

Photo credit: KPI OceanConnect
Published: 10 July, 2026

Alternative Fuels

Dan-Bunkering reports 50% increase in alternative marine fuel orders in 2025/26

Company says the positive trend has continued into the new financial year as it continued to support customers as demand for alternative fuel solutions accelerated.

Published

2 weeks ago

July 8, 2026

Admin

Dan-Bunkering reports 50% increase in alternative fuel orders in 2025/26

Global bunker supplier Dan-Bunkering on Tuesday (7 July) said it delivered a strong financial performance in 2025/26, reporting earnings before tax (EBT) of USD 36.4 million and revenue of USD 3.1 billion.

Throughout a year marked by changing market conditions and renewed geopolitical uncertainty, the company continued to expand its customer base, with bunker volumes increasing by more than 5%.

Claus Bulch Klausen, CEO of Dan-Bunkering, said: “This year has shown that when uncertainty increases – whether through supply disruptions, rising price volatility or geopolitical developments – our customers value trusted partnerships more than ever.

“At the same time, we have had a strong focus on the wellbeing of our colleagues and their families in Dubai and across the region. This year’s result reflects the commitment and professionalism our colleagues demonstrate every day.”

Dan-Bunkering said it continued to support customers as demand for alternative fuel solutions accelerated.

Orders for new fuels increased by around 50% during the financial year, and this positive trend has continued into the new financial year.

“We are seeing growing interest from customers who are preparing for a more diverse fuel landscape. Our role is to help them understand their options and provide the expertise they need to make informed decisions as the market continues to evolve,” said Klausen.

Dan-Bunkering also expanded its European presence during the year through the integration of Baseblue Netherlands. Since 1 December, the Groningen office has operated under the Dan-Bunkering name. The integration has also brought a team in Groningen into the Dan-Bunkering organisation, further strengthening its capabilities in the region.

Photo credit: Dan-Bunkering
Published: 8 July, 2026